9911796707
TMI Blog2010 (7) TMI 1082X X X X Extracts X X X X X X X X Extracts X X X X ..... s 271(1) (c) of the Act of ₹ 3,52,413/-. 3 The assessee is a Co-operative Housing Society. The return filed by the assessee was selected for scrutiny in which the assessee has declared loss of ₹ 25,024/-. The assessee has declared ₹ 13,70,576/- which was in respect of compensation received from the following companies for allowing them to use certain portion of the terrace of the Society building: Sl.No. Name of the parties Amount 1 Page Point Services (I) Ltd ₹ 1,95,680/- 2 Page Point Services Rs.2,54,900/- 3 Gate Way System (I) Ltd Rs.4,60,000/- 4 BPL Mobile Communication Ltd R. 4,59,996/- 3.1 The assessee has shown the above incomes as maintenance receipts from the said companies. As noted by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hallenged before the Tribunal, the assessee got further relief and thereafter, the income was re-determined at ₹ 8,99,013/-. The A.O levied the penalty of ₹ 3,52,413/- u/s 271(1)(c) of the Act for concealing the particulars of income. The assessee challenged the penalty order before the ld CIT(A) but without success. Now, the assessee is in appeal here before us. 4 We have heard the rival submissions and also perused the relevant records before us. There is no dispute about the fact that the entire rent/license fee received by the assessee Society from the above four companies was declared and recorded in the books of account. There is also no dispute on fact that bogus expenditure was claimed genuine. The assessee declared the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be levied. 5 In our opinion, nothing has been withheld by the assessee in respect of the particulars. At the first instant, the assessee tried to make out a claim that the entire rental income is exempt on the concept of mutuality. Thereafter, he made out a claim that the entire income is to be assessed as income from house property. But both the claims of the assessee have been negated. The A.O brought to tax the entire rental income/license fee under the head 'income from other sources'. As per the facts before us only controversy was in respect of the head of income under which the income is to be assessed. We do not find that any conscious act on the part of the assessee for concealing the particulars of income. In our opinion, there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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